Charity Registration No. 1112553
Company Registration No. 04255958 (England and Wales)
HOUSING INITIATIVES (U.K.) LTD
COMPANY LIMITED BY GUARANTEE
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
HOUSING INITIATIVES (U.K.) LTD COMPANY LIMITED BY GUARANTEE LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr A Gilmore Secretary Mr S Dewhurst Charity number 1112553 Company number 04255958 Registered office 151 Stanley Road Bootle Liverpool Merseyside L20 3DL Independent examiner Mr Peter Taaffe FCA CTA DChA BWM Castle Chambers 43 Castle Street Liverpool L2 9SH Bankers Lloyds Bank plc 137 Telegraph Road Heswall Wirral CH60 0AN
HOUSING INITIATIVES (U.K.) LTD COMPANY LIMITED BY GUARANTEE CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Statement of trustees' responsibilities | 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 - 8 |
| Notes to the financial statements | 9 - 17 |
HOUSING INITIATIVES (U.K.) LTD COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
The trustees present their report and financial statements for the year ended 30 September 2020.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's memorandum and articles of association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016).
Objectives and activities
Housing Initiatives (UK) Limited was founded in 2001, as a not for profit company. The aim of Housing Initiatives (UK) Limited is to provide supported housing to people with learning disabilities and other vulnerable people in the Greater Merseyside area.
The trustees in accordance with Section 4 of the 2006 Charities Act have taken due regard of the public benefit and acted accordingly.
Achievements and performance
Throughout the year Housing Initiatives held mandatory and non-mandatory accreditations and licenses via the Local Authorities which regulated the high standards of the properties. Bearing in mind the impact that Covid-19 had on contractors/visitors entering the properties from March 2020 onwards, the charity continued to carry out essential maintenance in line with government guidelines.
At the start of the year there were 5 x voids in St Edmonds Road due to it being de-commissioned by Sefton Council in March 2019. After renovating and building relationships with various support providers, vacancies started to be filled from June 2020 onwards. At the end of the year the charity had three out of five voids filled with referrals lined up to fill the remaining two.
Towards the end of the year (July 2020) Housing Initiatives had their largest project at Gainsford Road decommissioned by Liverpool City Council resulting in total of 8 x voids. Housing Initiatives as above, started conversations with various other organisations such as Housing First and Community Independent Living, the charity received positive feedback around starting a new project in the property tackling the likes of homelessness, and mental health.
Financial review
The charity does not receive any grant support towards the provision of accommodation, obtaining mortgages for properties and receiving rental income from tenants. However, the charity will continue to seek general unrestricted funds to further the charity reserves and develop the infrastructure of the charity.
Management reports are produced and are reviewed by the board at each board meeting to ensure that the charity properly manages the funds available.
Over the 12-month period (October 2019 - September 2020) the rental income has fluctuated due to the decommissioning of services and the filling of voids.
As of September 2020, voids are as follows:
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Gainsford Road – 8 x voids
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Hougoumont Grove – 2 x voids (Out of Housing Initiatives control due to the nature of the tenants currently residing and the layout of the property)
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St Edmonds Road – 2 x voids
-
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HOUSING INITIATIVES (U.K.) LTD COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
Reserves policy
The funding policy of the charity is to maintain within unrestricted funds at least 2 months' running costs to ensure that it can continue to meet its obligations. The trustees are of the opinion that cash-flow is sufficient to continue the on-going work of the charity. The value of the properties have increased due to a rise in housing demand with an estimated value of £1.5 million.
Investment policy
The charity's investment policy currently is to hold any reserves at the bank.
Risk policy
The board of trustees has carried out risk assessment and aim to lessen the risks to the charity as far as possible.
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Governance
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The charity ensures that there are adequate trustees with a diversity of skills. The trustees identify their own training needs and structures are in place to ensure a proactive approach. Training in governance has been undertaken.
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External
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The charity continues to maintain its profile within the local community, thus ensuring the charity is sensitive to the community's needs.
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Financial
Financial procedures are in place and adhered to. Accounts are monitored regularly.
- Operational
The charity ensures that suitably qualified/skilled staff are recruited.
Structure, governance and management
Housing Initiatives (UK) Limited was registered as a charity on 19 December 2005, charity number 1112553. In September 2019, Housing Initiatives merged with Expect Ltd.
The charity is governed under its Memorandum and Articles of Association incorporated on 20 July 2001, as amended by special resolution dated March 2016 and on 30 August 2019.
The trustees, who are also the directors for the purpose of company law, and who served during the year were:
Ms P Murphy (Resigned 1 November 2020) Mrs C Smith (Resigned 1 November 2020) Ms G Danher (Resigned 1 November 2020) Mr A Gilmore
The Board of Trustees aims to ensure its members provide a good mix of skills, knowledge and experience in relation to providing governance and management for a charitable organisation. The existing Board members nominate candidates on their skill, abilities and experience in various capacities of their working and everyday life.
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HOUSING INITIATIVES (U.K.) LTD COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
Small company provisions
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the board of trustees
Mr A Gilmore
Trustee
Dated: 29 July 2021
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HOUSING INITIATIVES (U.K.) LTD COMPANY LIMITED BY GUARANTEE STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 30 SEPTEMBER 2020
The trustees, who are also the directors of Housing Initiatives (UK) Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these accounts, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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HOUSING INITIATIVES (U.K.) LTD COMPANY LIMITED BY GUARANTEE INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF HOUSING INITIATIVES (U.K.) LTD
I report to the trustees on my examination of the financial statements of Housing Initiatives (U.K.) Ltd (the charity) for the year ended 30 September 2020.
This report is made solely to the charity's trustees, as a body, in accordance with Section 145 of the Charities Act 2011. My examination has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an Independent Examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my examination, for this report, or for the opinions I have formed.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Mr Peter Taaffe FCA CTA DChA
BWM Chartered Accountants Castle Chambers 43 Castle Street Liverpool L2 9SH
Dated: 29 July 2021
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HOUSING INITIATIVES (U.K.) LTD COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2020
| Unrestricted Unrestricted | Unrestricted Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2020 | 2019 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | - | 3,132 |
| Income from Charitable activities | 4 | 162,072 | 270,508 |
| Investments | 5 | 82 | 164 |
| Total income | 162,154 | 273,804 | |
| Expenditure on: | |||
| Charitable activities | 6 | 163,130 | 262,965 |
| Losses on disposal of tangibles | 10 | - | 2,233 |
| Total expenditure | 163,130 | 265,198 | |
| Net movement in funds | (976) | 8,606 | |
| Fund balances at 1 October 2019 | 664,881 | 656,275 | |
| Fund balances at 30 September 2020 | 663,905 | 664,881 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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HOUSING INITIATIVES (U.K.) LTD COMPANY LIMITED BY GUARANTEE BALANCE SHEET
AS AT 30 SEPTEMBER 2020
| Notes Fixed assets Tangible assets 11 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 15 Net assets Income funds Unrestricted funds General unrestricted funds Revaluation reserve 20 |
2020 £ £ 1,207,184 4,289 142,286 146,575 (59,348) 87,227 1,294,411 (630,506) 663,905 271,449 392,456 663,905 663,905 |
2019 £ £ 1,238,455 6,247 146,376 152,623 (50,285) 102,338 1,340,793 (675,912) 664,881 264,071 400,810 664,881 664,881 |
|---|---|---|
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HOUSING INITIATIVES (U.K.) LTD COMPANY LIMITED BY GUARANTEE BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2020
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2020.
The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 29 July 2021
Mr A Gilmore Trustee
Company Registration No. 04255958
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HOUSING INITIATIVES (U.K.) LTD COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
1 Accounting policies
Charity information
Housing Initiatives (U.K.) Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is 151 Stanley Road, Bootle, Liverpool, Merseyside, L20 3DL.
1.1 Accounting convention
The accounts have been prepared in accordance with the charity's Memorandum and Articles, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention modified to include freehold and leasehold properties at deemed cost. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the accounts, the trustees have considered the impact of Covid-19 on the company and the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts.
The charity has continued to operate throughout the pandemic and no government grants have been applied for during the year.
The accounting period for the financial statements for the period ended 30 September 2019 was extended from 31 March 2019 to 30 September 2019 in order to match the financial year with that of the parent company, Expect Limited and its subsidiaries. As a result of this extension of the prior period end to 30 September 2019, the current period results for the 12 month period to 30 September 2020 are not directly comparable.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Rental income is included when receivable.
Investment income is recorded when receivable by the charity.
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HOUSING INITIATIVES (U.K.) LTD COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries.
Governance costs represent costs associated with meeting the constitutional and statutory requirements of the charity and include the independent examination.
1.6 Tangible fixed assets
Tangible fixed assets are measured at cost (or deemed cost for land and buildings held at valuation at the date of transition to FRS102), net of depreciation and any impairment losses.
Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Freehold property 2% per annum straight line Leasehold property 2% per annum straight line Fixtures, fittings & equipment 30% per annum straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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HOUSING INITIATIVES (U.K.) LTD COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.10 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12 Leases
Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.
1.13 Gains and losses
Gains and losses on disposal or revaluation of assets are charged or credited to the SOFA at the date on disposal or revaluation.
1.14 Taxation
The charity benefits from various exemptions from taxation afforded by tax legislation and is not liable to corporation tax on income and gains falling within those exemptions.
The charity is not able to recover Value Added Tax. Expenditure is recorded in the accounts inclusive of VAT.
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HOUSING INITIATIVES (U.K.) LTD COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2020 | 2019 | |
| £ | £ | |
| ILM grant | - | 3,132 |
4 Income from Charitable activities
| Property rental income Property rental income 2020 2019 £ £ Charitable rental income 155,000 270,508 Other income 7,072 - 162,072 270,508 |
Property rental income Property rental income 2020 2019 £ £ Charitable rental income 155,000 270,508 Other income 7,072 - 162,072 270,508 |
Property rental income Property rental income 2020 2019 £ £ Charitable rental income 155,000 270,508 Other income 7,072 - 162,072 270,508 |
|---|---|---|
| 2020 £ 155,000 7,072 162,072 |
2019 £ 270,508 - |
|
| 270,508 |
5 Investments
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2020 | 2019 | |
| £ | £ | |
| Interest receivable | 82 | 164 |
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HOUSING INITIATIVES (U.K.) LTD COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
6 Charitable activities
| Unrestricted | Unrestricted |
|
|---|---|---|
| funds | funds | |
| 2020 | 2019 | |
| £ | £ | |
| Staff costs | 54,255 | 72,574 |
| Depreciation and impairment | 31,270 | 46,904 |
| Services to tenants | 9,951 | 16,680 |
| Land & building lease | 439 | - |
| Repairs & maintenance | 12,688 | 40,169 |
| Insurance | 2,870 | 4,500 |
| Rent, rates & water | 14,153 | 22,256 |
| Telephone | 1,223 | 2,245 |
| Bank charges & interest | 308 | 487 |
| Other expenses | 1,361 | 3,019 |
| Bank loan interest | 27,302 | 45,485 |
| 155,820 | 254,319 | |
| Share of governance costs (see note 7) | 7,310 | 8,646 |
| 163,130 | 262,965 |
7 Support costs
| Support costs | ||||
|---|---|---|---|---|
| Independent examination & Accountancy fees Legal and professional Analysed between Charitable activities |
Support costs Governance costs £ £ - 5,422 - 1,888 - 7,310 - 7,310 |
2020 £ 5,422 1,888 7,310 7,310 |
Support costs Governance costs £ £ - 6,498 - 2,148 - 8,646 - 8,646 |
2019 £ 6,498 2,148 |
| 8,646 | ||||
| 8,646 |
Governance costs include payments to the accountant of which £850 (2019 - £750) was in respect of independent examination fees.
8 Trustees
No trustees received remuneration or were reimbursed for expenses (2019 - none).
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HOUSING INITIATIVES (U.K.) LTD COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
9 Employees
Number of employees
The average monthly number employees during the year was:
| 2020 | 2019 | |
|---|---|---|
| Number | Number | |
| Property rental | 2 | 2 |
| Employment costs | 2020 | 2019 |
| £ | £ | |
| Wages and salaries | 53,013 | 70,729 |
| Social security costs | 1,242 | 930 |
| Other pension costs | - | 915 |
| 54,255 | 72,574 |
There were no employees whose annual remuneration was £60,000 or more.
10 Losses on disposal of tangibles
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2020 | 2019 | |
| £ | £ | |
| Net loss on disposal of tangible fixed assets | - | 2,233 |
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HOUSING INITIATIVES (U.K.) LTD COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
11 Tangible fixed assets
| Cost or valuation At 1 October 2019 At 30 September 2020 Depreciation and impairment At 1 October 2019 Depreciation charged in the year At 30 September 2020 Carrying amount At 30 September 2020 At 30 September 2019 |
Freehold property £ 908,394 908,394 197,631 18,168 215,799 692,595 710,764 |
Leasehold property £ 655,086 655,086 127,396 13,102 140,498 514,588 527,690 |
Fixtures, fittings & equipment £ 2,403 2,403 2,402 - 2,402 1 1 |
Total £ 1,565,883 |
|---|---|---|---|---|
| 1,565,883 | ||||
| 327,429 31,270 |
||||
| 358,699 | ||||
| 1,207,184 | ||||
| 1,238,455 |
There is a first legal charge over 7 St Edmond's Road, 14/15 Tarbrock Court, 445 Stanley Road, 443 A/B Stanley Road and 1 Hougoumont Grove. The bank loans secured on the properties amounted to £679,173 which is 56% of the net book value of the properties. Social Investment Business (formerly Futurebuilders England Limited) has a first legal charge over 2-8 Gainsford Road.
Comparable historical cost for the land and buildings included at deemed cost:
| Cost Accumulated depreciation At 30 September 2020 All other tangible fixed assets are stated at historical cost. 12 Financial instruments Carrying amount of financial assets Debt instruments measured at amortised cost Carrying amount of financial liabilities Measured at amortised cost |
2020 £ 963,243 (330,859) 632,384 2020 £ 146,576 688,985 |
2019 £ 963,243 (311,595) |
|---|---|---|
| 651,648 | ||
| 2019 £ 152,623 |
||
| 725,583 |
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HOUSING INITIATIVES (U.K.) LTD COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
| 13 Debtors Amounts falling due within one year: Trade debtors 14 Creditors: amounts falling due within one year Notes Bank loans 16 Other taxation and social security Trade creditors Amount owed to parent undertaking Accruals and deferred income 15 Creditors: amounts falling due after more than one year Notes Bank loans 16 16 Loans and overdrafts Bank loans Payable within one year Payable after one year Amounts included above which fall due after five years: Payable by instalments |
2020 £ 4,289 2020 £ 48,667 869 2,720 405 6,687 59,348 2020 £ 630,506 |
2019 £ 6,247 |
|---|---|---|
| 2019 £ 44,090 614 435 - 5,146 |
||
| 50,285 | ||
| 2019 £ 675,912 |
||
| 2020 £ 679,173 48,667 630,506 427,850 |
2019 £ 720,002 |
|
| 44,090 675,912 |
||
| 481,221 |
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HOUSING INITIATIVES (U.K.) LTD COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
17 Operating lease commitments
At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
| Within one year Between two and five years |
2020 £ 5,439 4,080 9,519 |
2019 £ 5,439 9,519 |
|---|---|---|
| 14,958 |
18 Related party transactions
The company has taken advantage of the disclosure exemptions to which it is entitled regarding transactions with its parent as a 100% owned subsidiary company within the group.
There are no other related party transactions during the current or previous periods.
19 Ultimate Parent Company
Expect Limited is the parent company of Housing Initiatives (UK) Ltd, which draws up consolidated financial statements. The address of Expect Limited's registered office and principal place of business is 151 Stanley Road, Bootle, Liverpool, Merseyside, L20 3DL. The Charity registration number of Expect Limited is 701331 and the Company registration number is 02357285.
Copies of the consolidated accounts of Expect Limited may be obtained from the Administrator at 151 Stanley Road, Bootle, Liverpool, Merseyside, L20 3DL.
20 Statement of movement on revaluation reserve
| Balance as at 1 October 2019 Depreciation on revalued property transfer to P&L reserve Balance as at 30 September 2020 |
2020 £ 400,810 (8,354) |
|---|---|
| 392,456 |
21 Company limited by guarantee
The charitable company is limited by guarantee and has no share capital. In the event of the charitable company being wound up, the liability of the member in respect of their guarantee is limited to £10.
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